https://sputnikglobe.com/20231123/thanksgiving-for-what-real-us-inflation-tops-official-figures--economist-1115160598.html
Thanksgiving for What? Real US Inflation Tops Official Figures — Economist
Thanksgiving for What? Real US Inflation Tops Official Figures — Economist
Sputnik International
The Biden administration has boasted of record jobs growth since 2021, while keeping inflation well below the double figures seen in Europe. Dr. Linwood Tauheed said those claims were built on sand.
2023-11-23T13:50+0000
2023-11-23T13:50+0000
2023-11-23T13:58+0000
analysis
linwood tauheed
inflation
us
joe biden
economy
us economy
https://cdn1.img.sputnikglobe.com/img/07e7/06/13/1111298957_0:158:3077:1889_1920x0_80_0_0_d24f68bdbba5df1aa80575f4075dd4cc.jpg
The touted success of 'Bidenomics' is an illusion based on amnesia about the recent past, argues an economist.A US media report earlier this week claimed that the average cost of the annual Thanksgiving dinner this November 23 had fallen compared with last year, largely due to lower poultry prices.That was not the first claim of financial wellbeing under the administration of President Joe Biden — in the face of rampant inflation and soaring interest rates.Economist Dr. Linwood Tauheed told Sputnik that the price of Thanksgiving turkeys was a mere economic "anomaly" that was meaningless in light of long-term inflation."While we have this anomaly occurring with one commodity, turkeys, food prices in general are up, as well as rent prices and other prices that ordinary people have to spend their money on," he continued. "And so while the rate of inflation is down now, there's still inflation in prices."The same was true of the Biden administration's claims of record jobs growth, the economist argued."We've had an increase in in jobs created because we have such a decrease in jobs lost," he added. "The Biden administration is in fact touting that as a statistic, the fastest growth in jobs ever. Well, that's because you're having a recovery from from a horrible recession."The academic warned that the US had effectively experienced one economic recession — defined as two two consecutive quarters of contracting gross domestic product (GDP) — and was heading for a second, deeper one."When those credit limits are broached and they're not only will we have a decrease in spending, but it will be a sudden decrease in spending. And we will we will have a sharp recession coming," he predicted.For more in-depth analysis of current affairs, tune in to our Sputnik Radio show The Critical Hour.
https://sputnikglobe.com/20231121/federal-reserve-admits-us-inflation-unacceptably-high-after-2-years-of-monetary-tightening-1115116738.html
Sputnik International
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
2023
James Tweedie
https://cdn1.img.sputnikglobe.com/img/07e4/08/1c/1080307270_0:3:397:400_100x100_80_0_0_7777393b9b18802f2e3c5eaa9cbcc612.png
James Tweedie
https://cdn1.img.sputnikglobe.com/img/07e4/08/1c/1080307270_0:3:397:400_100x100_80_0_0_7777393b9b18802f2e3c5eaa9cbcc612.png
News
en_EN
Sputnik International
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
Sputnik International
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
James Tweedie
https://cdn1.img.sputnikglobe.com/img/07e4/08/1c/1080307270_0:3:397:400_100x100_80_0_0_7777393b9b18802f2e3c5eaa9cbcc612.png
thanksgiving, real inflation in us, us consumer goods inflation, us dollar inflation 2023, inflation in america, prices in us, thanksgiving turkey price, average price for thanksgiving turkey
thanksgiving, real inflation in us, us consumer goods inflation, us dollar inflation 2023, inflation in america, prices in us, thanksgiving turkey price, average price for thanksgiving turkey
Thanksgiving for What? Real US Inflation Tops Official Figures — Economist
13:50 GMT 23.11.2023 (Updated: 13:58 GMT 23.11.2023) The Biden administration has boasted of record jobs growth since 2021, while keeping inflation well below the double figures seen in Europe. Dr. Linwood Tauheed, professor of economics at the University of Missouri and former president of the National Economics Association, said those claims were built on sand.
The touted success of
'Bidenomics' is an illusion based on amnesia about the recent past, argues an economist.
A US media report earlier this week claimed that the average cost of the annual Thanksgiving dinner this November 23 had fallen compared with last year, largely due to lower poultry prices.
That was not the first
claim of financial wellbeing under the administration of President Joe Biden — in the face of rampant inflation and soaring interest rates.
Economist
Dr. Linwood Tauheed told
Sputnik that the price of Thanksgiving turkeys was a mere economic "anomaly" that was meaningless in light of long-term inflation.
"Turkey prices last year were up because of avian flu decreasing the supply of turkeys. This year, avian flu is down, so the supply of turkeys is up," Tauheed explained. "So we're doing relative pricing. It doesn't mean that the price of turkeys is not high. It just means that it's less this year than than last year."
"While we have this anomaly occurring with one commodity, turkeys, food prices in general are up, as well as rent prices and other prices that ordinary people have to spend their money on," he continued. "And so while the rate of inflation is down now, there's still inflation in prices."
The same was true of the Biden administration's claims of record
jobs growth, the economist argued.
"We've just come out of a horrible period of of recession in a pandemic where there was a huge increase in unemployment, a decrease in gross domestic product," Tauheed said. But while there had been a recovery from that slump, "we have not gotten back to pre-pandemic levels of employment."
"We've had an increase in in jobs created because we have such a decrease in jobs lost," he added. "The Biden administration is in fact touting that as a statistic, the fastest growth in jobs ever. Well, that's because you're having a recovery from from a horrible recession."
21 November 2023, 21:09 GMT
The academic warned that the US had effectively experienced one economic
recession — defined as two two consecutive quarters of contracting gross domestic product (GDP) — and was heading for a second, deeper one.
"The reason that that we haven't had it yet is because people are spending. Now, what are they spending? They're spending on their credit cards," Tauheed stressed. "Credit card debt has reached a high of over $1 trillion in the in the third quarter of 2023."
"When those credit limits are broached and they're not only will we have a decrease in spending, but it will be a sudden decrease in spending. And we will we will have a sharp recession coming," he predicted.
For more in-depth analysis of current affairs, tune in to our Sputnik Radio show The Critical Hour. 
